Aging method on january 1, 2019, hungryman, inc., has the following balances for accounts receivable and allowance for doubtful accounts: accounts receivable $1,271,000 allowance for doubtful accounts (a credit balance) 42,000 during 2019, hungryman had $18,500,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. at year end, hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. required: 1. calculate hungryman's preadjustment balance in accou

Bad debt expense$ 70,000  

Allowance for Uncollectible Accounts  $70,000

Explanation:

Initial Balance  

Accounts Receivable                            $ 1.271,000  

Allowance for Uncollectible Accounts  $ 42,000

New Balance after the movements of sales and collection of 2019.

Accounts Receivable                            $ 1.826,000  

Allowance for Uncollectible Accounts  $ 42,000

When the writte-off of uncollectible accounts

Allowance for Uncollectible Accounts$ 60,000  

Accounts Receivable                $ 60,000

New balance of accounts after the write-off

Accounts Receivable                            $ 1,766,000  

Allowance for Uncollectible Accounts  $ 18,000  Debit

Journal Entries due to the estimation of uncollectible

Bad debt expense                                  $ 70,000  

Allowance for Uncollectible Accounts  $70,000

Final Balance  

Accounts Receivable                            $ 1.766,000  

Allowance for Uncollectible Accounts             $ 52,000

G o o g l e

Explanation: